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Econ Chapter 2 Vocab

Economic Systems and Decision Making

Market Economy people and firms act in their own best interest to answer the WHAT, HOW, and FOR WHOM questions.
Command Economy central authority makes most of the WHAT, HOW, or FOR WHOM decisions
Economic System an organized way of providing for the wants and needs of their people
Social Security a federal program of disability and retirement benefits that covers most working people
Inflation a rise in the general level of prices
Fixed Income income that does not increase even though prices go up
Traditional Economy the allocation of scarce resources, and almost all of the economic activity stems from ritual, habit, or custom
Created by: SEN10Rof2010